CWA Asset Management Group LLC bought a new position in shares of Erie Indemnity Company (NASDAQ:ERIE) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 17,072 shares of the financial services provider’s stock, valued at approximately $2,135,000.

Several other hedge funds have also recently modified their holdings of the stock. Martingale Asset Management L P grew its stake in shares of Erie Indemnity by 3.3% during the second quarter. Martingale Asset Management L P now owns 44,303 shares of the financial services provider’s stock worth $5,542,000 after purchasing an additional 1,400 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Erie Indemnity by 10.4% during the second quarter. Alliancebernstein L.P. now owns 14,838 shares of the financial services provider’s stock worth $1,856,000 after purchasing an additional 1,400 shares in the last quarter. Schroder Investment Management Group grew its stake in shares of Erie Indemnity by 43.1% during the second quarter. Schroder Investment Management Group now owns 6,101 shares of the financial services provider’s stock worth $762,000 after purchasing an additional 1,839 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Erie Indemnity by 23.8% during the second quarter. Principal Financial Group Inc. now owns 4,398 shares of the financial services provider’s stock worth $550,000 after purchasing an additional 846 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Erie Indemnity by 4.6% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 4,970 shares of the financial services provider’s stock worth $622,000 after purchasing an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 30.97% of the company’s stock.

Shares of Erie Indemnity Company (NASDAQ ERIE) traded up 0.5010% during trading on Tuesday, hitting $120.8022. 6,696 shares of the company were exchanged. The company’s 50-day moving average price is $122.97 and its 200 day moving average price is $121.63. The stock has a market cap of $6.32 billion, a P/E ratio of 30.2006 and a beta of 0.47. Erie Indemnity Company has a 12 month low of $96.01 and a 12 month high of $129.73.

Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.21 by ($0.09). The firm had revenue of $448.56 million for the quarter, compared to analyst estimates of $447.41 million. Erie Indemnity had a net margin of 12.73% and a return on equity of 25.11%. On average, equities analysts predict that Erie Indemnity Company will post $3.90 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Thursday, October 5th will be issued a dividend of $0.783 per share. This represents a $3.13 dividend on an annualized basis and a yield of 2.61%. This is a positive change from Erie Indemnity’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Wednesday, October 4th. Erie Indemnity’s dividend payout ratio (DPR) is presently 78.45%.

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A number of equities analysts recently commented on the stock. BidaskClub downgraded shares of Erie Indemnity from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Zacks Investment Research downgraded shares of Erie Indemnity from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd.

Erie Indemnity Profile

Erie Indemnity Company is a management company. The Company serves as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Exchange is a reciprocal insurer that writes property and casualty insurance. The Company’s function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.

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Institutional Ownership by Quarter for Erie Indemnity (NASDAQ:ERIE)

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